ECONOMY

Shares drop, following European stock markets

Shares ended a two-day winning streak yesterday, tracking the negative sentiment across Europe, with investors worried that soaring oil prices may derail an eagerly awaited economic recovery. «Athens is following the momentum set by the major European markets, leading to an across-the-board correction. Thin trading volume suggests that buyers are hesitating before making any move,» said analyst George Pavlopoulos at Alpha Finance. The general share index closed 0.88 percent down at 2,027.45 points. Traders added that the correction was healthy after a five-month rally since late March. Banks shed 0.9 percent on investor concerns whether the government will be able to sell further stakes in two state-controlled institutions, National Bank and Commercial Bank. Index heavyweight OTE fell 1.47 percent to 9.40 euros and mobile subsidiary CosmOTE slipped 0.20 percent to 10.16 euros. OTE will cut charges from its fixed-line phones to mobile phones on October 5. Turnover fell to 101.18 million euros, with 23.9 million shares changing hands. Decliners outnumbered advancers 283 to 48, with 27 unchanged against 358 traded. (Reuters)